What is Filecoin (FIL)?
Filecoin is a cryptocurrency that powers the Filecoin network. It’s shortcode is FIL. It makes the web more secure and efficient with decentralized data storage, allowing the users to use blockchain technology to sell storage space to others. If you want to learn how to buy Filecoin, then this article will help you to know more about Filecoin, including why to buy Filecoin and more.
When measured by total market capitalization, currently, Filecoin’s token is the 25th most popular cryptocurrency. It generated over $200 million with its initial offering. Let’s take a look at it step by step.
How to Buy Filecoin
Step 1: Open an Account:
For signing up to any crypto exchange platform, enter your email address and click ‘Get Started.’ You will receive a confirmation mail. Open the mail and click on the link. You will have to provide a valid mobile number. Complete all the identity verification processes, and you are able to sign in to your account.
Step 2: Purchase Bitcoins:
Here, you will ask to add a payment method. You can either choose bank transfer payment or credit-debit card payment. After choosing your payment method, go to the top left of the page and click the ‘Trade’ button. Choose the coin you want to buy and click ‘Buy.’
Step 3: Transfer the cryptocurrency to an Altcoin Exchange:
Here, we use Binance as our exchange because Filecoin is an altcoin. It is necessary to transfer the coins to an exchange so that Filecoin can be traded. Signup in Binance to make a registered account.
Step 4: Deposit the Bitcoins to Exchange:
For making deposits, you will see a string of random numbers at the right which says ‘BTC address.’ It is the public address of your Bitcoin wallet at Binance. Click on ‘Copy Address’ and go back to the previous platform, go to the portfolio page, click on Bitcoin, and then click on ‘Send’ to proceed. You will immediately get a confirmation email. Click on the mail, and your coins are on their way to Binance.
Step 5: Trade Filecoin:
Go back to Binance and go to ‘Exchange.’ Make sure that ‘BTC’ is selected. In the search bar, type ‘FIL,’ then you will see FIL/BTC. Select a pair, and you will see a price chart for that pair. There is a box below with a green button which shows ‘Buy FIL.’ Choose the ‘Market’ tab inside the box. Click on the percentage buttons of the type of the amount you will spend on buying. When you have confirmed everything, click on ‘Buy FIL,’ and you are done!
Why To Buy Filecoin?
If you want to buy Filecoin, but numerous questions are popping in your head about why to buy Filecoin, go through the following advantages of buying Filecoin below.
Benefits of Filecoin
Economical Prices:
The prices for storage and retrieval are measured by demand and supply. Filecoin helps to make reliable storage at an economical price.
Open Access:
Anyone can join the Filecoin network without any permission, and the file storage and retrieval deals are handled in open markets. You will only require spare disk storage and an internet connection.
Built-In Self Healing:
The best part is Filecoin blockchain has a built-in self-healing technique where the faults are detected. It constantly verifies that the files should be stored correctly.
Choose Your Trade-offs:
Users have the freedom to choose to store their files on any miner. They can select their tradeoffs from cost, speed, and redundancy.
Store Large Files:
Filecoin’s blockchain provides storage to other blockchains in which they can keep large files. While other blockchains can only stock a small amount of data, the Filecoin blockchain is designed to provide leverages to everyone.
Where to Buy Filecoin?
There are several ways to buy Filecoin, and it is as easy as buying products online. Filecoin is available on many platforms, but one should choose a trusted global exchange to purchase it.
How to buy Filecoin? Multiple Filecoin exchanges offer FIL online so that you can purchase easily. The top exchanges for purchasing Filecoin are:
- Binance (Click to register fast&free)
- OKEx
- Huobi Global
- Mexico Exchange
- Hydax Exchange
These platforms are easy and convenient for new or experienced users. They are also safe and secure and offer the best price of Filecoin in the market.
Summary: When to Buy Filecoin?
Filecoin (FIL) has the ability to create a market that can use unused storage space that is residing in data centers. If the question comes to your mind when to buy Filecoin. The answer is if you want to turn the unused storage space into an algorithmic market, then buying Filecoin is a smart choice.
Filecoin always aims to return data storage from expensive to its naturally free and private state. It is a milestone in the evolution of the internet. It can definitely provide a solution for the issue of centralized cloud storage and preserve the scalability of cloud-based data storage. For managing the data, Filecoin will definitely represent the next evolutionary stage.
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